Actor and producer Leonardo DiCaprio set to produce a new movie on VW's emission rigging scandalGetty

The Volkswagen emissions rigging scandal has already made global headlines but this time, it is set to hit the silver screens in Hollywood. US actor Leonardo DiCaprio's Appian Way and Paramount have acquired the rights to a book proposal on the scandal by Jack Ewing.

DiCaprio and Jennifer Davisson Killoran are set to produce the movie via Appian Way. The book will look at how a "more, better, faster" ethos fueled one of the greatest frauds in corporate history, according to The Hollywood Reporter.

The rights to the book pitched as Too Big to Fail, sold for mid-six figures to Norton in early October. Liz Raposo at Paramount Pictures bought the movie rights to the book.

Movies produced by DiCaprio include "The Wolf of Wall Street", "Runner Runner" and "Out of the Furnace." He is scheduled to appear in Alejandro Gonzalez Inarritu's "The Revenant". Killoran is the president for production in Appian Way. Her film credits include "Runner Runner" and " Out of the Furnace".,

The German carmaker has admitted that it had fitted 'cheat' software on diesel engines. The device detects when the car is being tested for emissions. It then alters how the engine works so as to produce lower emissions. However on open roads, the same vehicles produce up to 40 times more nitrogen oxide than is legal in the US.

VW has suspended several high ranking officials over the scandal, which could lead to 11 million VW, Seat, Skoda and Audi vehicles being recalled worldwide. The recalls are scheduled to commence next year.

The disgraced automaker faces massive fines and damage claims for flouting emission regulations not only in the US and Europe but globally. Some 482,000 diesel cars are alleged to have cheated tests in the US alone, with the Environmental Protection Agency threatening to levy a fine of up to $18bn (£11.9bn; €16bn), or about $37,500 per vehicle.